Cryptocurrency market is offsetting the effects of UST and LUNA collapse. Meanwhile, 2 altcoin projects in the top 20 by market cap burned significant amounts of tokens.
Giant burn news from these 2 altcoin projects
Shibburn.com recently announced that in the last 24 hours, 607.530,847 (607.53 million) SHIB with a new burn event. reported that 12 transactions were made in which it was destroyed.
In the past 24 hours, there have been a total of 607,530,847 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) May 13, 2022
Burn rate only 182.180,686 (182.18 million) in 14 separate processes ) increased 307.56% in the last day that SHIB was taken out of circulation forever.
SHIB Burn Portal is a platform that orchestrates Shiba’s token burn operations and provides on-chain data (officially launched on April 23, 2022). Since the launch of Burn Portal on ShibaSwap, 27.28 billion SHIB have been removed from circulation forever in almost a thousand separate transactions.
According to Etherscan.io data, an anonymous wallet sent 468,559,352 (468.55 million) SHIB worth $6,231 to the dead wallet.
But despite regular burns, data provided by CoinMarketCap shows that the price of the Shiba Inu has dropped 38.71% over the past week. At the time of writing, the Shiba Inu is trading at $0.00001299, up 19.99% in the last 24 hours, with a 24-hour trading volume of 1.44 billion. This sharp increase in price came after the Bahrain-based Rain exchange announced that Shiba Inu is available for trades to 200,000 users, as reported in Kriptokoin.com news. Another altcoin that stood out with the token burn news was Polygon (MATIC).
More than 750,000 MATICs have been burned since the initiation of the burner
More than 750,000 MATICs have been burned in the last three months, according to Stader Polygon. As seen on the Polygonburn website, a total of 1.6 million MATICs have been transferred from circulation to dead wallets so far.
$MATIC is Burning 🔥 🔥
In the last 3+ months, the network has burnt over 750,000+ tokens.
If you want to know what this means for the future of your MATIC bags, read on: pic.twitter.com/Ebt5KCOxGp
— Stader Polygon | MaticX – Liquid Staking (@stader_polygon) May 12, 2022
Thanks to the EIP-1559 upgrade released on the Polygon network in January, Polygon’s The native cryptocurrency MATIC burning is enabled. Tokens are burned and deducted from the total supply, similar to a withdrawal on Polygon.
At the time of writing, MATIC price is down 377 percent week on week to trade at $0.6519. It had previously visited these levels in June 2021.
